Word: june
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...sales, really? After edging up in May, sales dropped again in June below the 10 million-unit annual sales pace, which puts new vehicle sales at the slowest pace since the recession in 1958 - a downturn that forced some carmakers, notably Packard, to shut their doors for good. Meanwhile, each of the Big Six (the three domestic carmakers plus Toyota, Honda and Nissan, which together account for 75% of all vehicle sales in the U.S.) reported double-digit declines in sales. The declines ranged from 11% at Ford to nearly 42% at Chrysler. German automakers such as Volkswagen, BMW, Porsche...
...long can Detroit sustain itself when monthly sales numbers are this bad? The two bankrupt companies, Chrysler and General Motors, closed their assembly lines for much of May and June, which reduces their revenue substantially. Chrysler started up this week but will close again next week for summer changeovers. Both GM and Chrysler have built their recovery plans on very low sales estimates, which is the principal reason they have closed so many factories and discarded so many employees as they restructure. GM just announced plans to shed another 4,000 salaried employees by October, at which point it expects...
...Toyota is taking it on the chin along with everyone else. What does this mean for the oh-so-hip maker of the Prius? Sales of the new 2010 Prius got off to a strong start in June, according to Toyota, as consumers bought more than 13,000 units. But it's the sales of Toyota's other vehicles, such as its full-size pickup truck, the Tundra, and its hip little Scion that have borne the brunt of Toyota's sales slump. The company hopes to stem the decline by beefing up sales of its small utility vehicle...
...manufacturers doing well? Subaru continues to chug along, building on its modest success last year. Overall, Subaru's sales are down only 1% during the first six months of the year, and it just reported a 3% increase in June. Audi is another carmaker showing signs of gaining share in a difficult market. While its sales are down slightly, Audi now holds more than 9% of the U.S. luxury market, its largest share in years. (Watch an interview with Ford CEO Alan Mulally...
...rest of the world know well that the North has a range of missiles. The Obama Administration, in the wake of Kim's recent, relentless belligerence, has made it clear that preventing the proliferation of missiles and other weapons of mass destruction is what drives U.S. policy now. On June 30, the Administration imposed unilateral U.S. sanctions on two North Korean companies engaged in proliferation - sanctions that will "augment efforts to curtail the North Korean regime's ability to develop and sell WMD and missiles," says Bruce Klingner, former North Korea analyst at the CIA, now a senior fellow...